房地产市场价格的内生变动特征分析：以住房市场为例

本文从住房资产的消费和投资的二重性出发，分析了住房资产市场内在特征，进而揭示了住房市场价格的内生波动特征。本文的结论是：尽管根据一般衡理论，实现住房市场（或更一般地讲整个房地产市场）竞争性的市场均衡价格意味着效率最大，但是，由住房资产及其市场的内生特征破坏了住房价格趋向均衡的过程，因此住房市场价格的内生波动必然偏离均衡状态。这个结论也很容易推演至整个房地产市场。这一结论的政策含义是：在监测住房市场价格波动时，必须在充分考虑住房市场内在特征的基础上，以一般均衡理论为参照系，寻找能够逐渐接近住房市场一般价格均衡的条件和途径，而不是试图实现住房市场的价格均衡。

Real estate industry market price's inner chage characteristics analysis:take housing market as example

This paper embarks from the duality of the housing property's consumption and the investment, an- alyzes the intrinsic characteristic of the housing property market, then promulgates the endogenous fluc- tuation characteristic of the housing market price. This conclusion is: Although according to the General Equilibrium Theory, it means that the efficiency is biggest which realizes the competitive market equilib- rium price in the housing market (or the entire real es- tate market in general), but, it destroyed the process that home price trends balanced which the housing prop- erty and the market endogenous characteristic, there- fore the housing market price's endogenous fluctuation deviates inevitably the equilibrium state. This con- clusion is also very easy to deduce to the entire real estate market. The policy meaning of the conclusion is: When monitors the housing market price fluctuation, in the foundation of the full consideration housing mar- ket intrinsic characteristic, taking the General Equi- librium Theory as the reference system, we must seeks can approach the condition and way that the housing market regular price balancing gradually, but is not attempts to realize the housing market price equilibrium.